Stop Eating at Restaurants or Ordering Takeout
While everyone needs to eat, you can get by with a meal cooked at home as opposed to one ordered online or at a restaurant. If you do choose to order a pizza or sushi, make sure that you pick it up yourself as opposed to having it delivered. Delivery fees and tips can easily equal $5 to $10. If you eat out or have food delivered once a week, you could be spending up to $40 or more, which could equal a credit card payment.
Make Better Use of Your Cell Phone
You probably don’t need an unlimited data plan on your cell phone. You may not even need to pay for minutes if you are savvy about how you use it. These days, it is easy to communicate with friends and family members via Facebook messenger or other instant messaging sites. Therefore, you may not have a need to call or text an actual phone number. If you do want a phone number where people can reach you, WiFi calling apps may allow you to make calls or send texts for free.
Get a Roommate to Make Your Rent Payment Easier to Manage
If you have an extra room in your apartment, you may want to look for a roommate. He or she could help you lower your rent and utilities by 50 percent each month, which could translate to a savings of $500 to $1,000 a month. If possible, you may want to get a third or fourth roommate to further limit how much you pay to a landlord each month.
Switch From Credit Cards to Cash
When you use a credit card, you are making a purchase that you have to repay with interest. When you use cash, you simply make the purchase without any future obligation to a lender. In addition to using your credit card less, you may want to look into ways to consolidate your existing balances.
A credit card balance transfer may significantly lower the interest that you are paying to lenders each month, which could translate into lower monthly payments. Title loans, home equity loans or personal loans may also be effective ways to consolidate debts at a lower interest rate.
Ask About Debt Forgiveness
In some cases, your creditors may be willing to forgive some or all of your debt. Debt forgiveness generally happens when a debtor cannot make a payment or is unwilling to continue making payments. Typically, a creditor would rather take a partial payment to settle a debt as opposed to spending time and money chasing that money in court.
There are many easy ways to cut your spending each month without drastically altering your lifestyle. Whether you choose to stop using your credit card, alter your cell phone plan or make more of your own meals, you can save hundreds of dollars a month that can go toward paying down debts. This may allow you to save thousands of dollars in interest charges while shaving years off of your current repayment schedule.
- Become an expert on your own finances.
You need to know where you stand financially before you can progress so, first up you must do a comprehensive list of your income and outgoings. Once you have this to hand start a list of any debts you may have, including the total debt and the amount of interest charged on each account. Then you need to look at creating a realistic and truthful budget. There are some good tools on sites like moneysavingexpert.com for your income and outgoing that will also help you set your budget and there are some good sites out there to get a free credit score report that will not only show you how you are seen to lenders but will give you a list of your debtors, often including their contact details if you need further info from them.
- Reduce interest payments.
With your list of debts in hand, take the loans and put them in order of highest to lowest interest rate. Start by tackling those with the highest interest rates, the sooner these are paid off the more you save. If you have savings, consider using some of them to pay off your debts. If the interest rates looks particularly high and you have a decent credit score, use a comparison site to find a better deal and pay off the high interest loan with a lower rated one. An alternative to another loan would be a low interest credit card, this will work particularly well if you have an excellent credit score as you could be in a position to get a 0% credit card and reduce interest repayments to nothing, whilst you repay.
For most people their mortgage is the biggest debt they will ever have and it often takes quite a chunk out of our income at the end of the month. So long as your mortgage doesn’t come with hefty exit charges, it could save you a good some of cash, especially if you are on a standard variable rate mortgage when there are good fixed, tracker or discount mortgages on offer. It might also be worth remortgaging if the value of your property has rapidly increased in value, so if this is the case its worth doing some research on the matter.
- Get credit card savvy.
If you have credit rates, the first things to think about is if you know the APR you are paying for each card. If you don’t find out! Then with armed with your credit score do some research into the lowest interest rate credit cards you may be eligible for, you might find you can get a card with a 0% balance transfer for a short period of time. If you can it’s most definitely worth switching and then ensuring you keep switching before the 0% balance transfer window is closed (if it isn’t already paid off). If switching and keeping this in touch with your finances just won’t work for you, switch to the card with the lowest ongoing rate you possibly can.
- Save, save, save.
Now, obviously we would all love to have a little extra to save for holidays, one off events and luxuries, but saving for emergencies so that you have an emergency funds pot can make a massive difference to your finances. When an emergency happens, especially a home or vehicle emergency that affects our everyday life, it becomes extremely tempting to reach out to the lovely people at loans companies. Often we need that money fast and that means high interest quick loans. Having an emergency funds pot means not only means there will be less of a panic buy if an emergency occurs, but that you’ll only be borrowing from yourself, so no interest! In fact whilst your fund is growing, if it’s in a decent savings account you might actually get a little bit of interest paid to you!
Competition pushes us to always be better than our competitors. If you play college sports, you have to remain an equal if not better than your competition in order to have a chance at a national title. You don’t stop running because there’s another runner who might be better. You don’t stop swimming because someone is taller and faster than you, do you? No. You keep swimming, running, competing. You train harder, you alter what your current skill set is and you advance it.
The same goes with business. If you have an idea, and it exists, then make it better. Take Alamo for example. They aren’t the only rental car company in existence are they? To be fair, rental car companies are an incredibly profitable and competitive business, but that’s what makes them so successful Alamo has to go up against so many other big names in order to get a sale, it has to stay ahead of the game. So, the competition allows them to always be in the forefront of their business model, making them constantly strive to better today than they were yesterday.
This thought process goes for any business in any industry. Today, Alamo maintains one of the highest revenues in the industry. They know their competitors are out there, they know their competitors are striving to be the best in the industry, so that causes them to be better. In other words, they keep swimming, running, training until they are better than the person racing next to them.
Get The Suite Life
One of the best ways that we have seen companies improving productivity of late, is when they make the move into an executive office space. When you rent an executive office space, especially as a sole trader or a small business, you get a secretary to manage your calls, you get a fully furnished space to impress your clients, and all of your services and utilities are included in the rental, so you have everything taken care of. That means no more worrying about phone calls, no more worrying about interruptions; and you’re free to focus on the more important task of growing your business.
A Change In Scenery
When you shift locations you are shown to be more productive. So it stands to reason that a new office space in the form of an executive suite will help to improve your productivity! Renting an executive office suite is a good way to get a new change of scenery without having to fork out for an expensive commercial rental that may go for a period of years. You don’t want to over commit to something that is just going to be outgrown, after all. Yes, far better to opt for the flexibility of an executive office. You do need to consider the fact that if you are growing as a business, it may be better for your bottom line to rent an executive office space while your business grows. Once your business is big enough to move into larger premises you can do so as and when required.
Delegate Your Tasks
One of the best tips we know for getting more done is to delegate. When you delegate tasks, it’s not only a sign of good management, but it also means that you free yourself up to focus on more important things. You need to ensure that you have the flexibility and time to work when you feel the most motivated, and be your own boss. You will gain a substantial margin in your professional life by choosing an executive suite for your business. Not only will you enjoy exceptional quality offices, but you will have at your disposal a prestigious office space, with the professional in-house support team. You can also enjoy a flexible lease term from just one month, as well as a secretary to manage all of your calls and callers.
Get the executive edge
The peace of mind an executive suite offers is truly the best choice for a business on the edge of expansion. Opt for an executive suite for your business and enjoy the prestige, convenience and exceptional working environment that they provide.
If making the perfect first impression is important to you and your business, you need an executive suite! We hope this tips have been helpful for you and your business.
Wikipedia defines deferred tax as an accounting concept (also known as future income taxes), meaning a future tax liability or asset, resulting from temporary differences or timing differences between the accounting value of assets and liabilities and their value for tax purposes. We’re talking about the liability here, not the asset, so we’ll also add the breakdown of the term. The words “deferred” describes something delayed, and again “tax liability” is having unpaid financial debt, thus deferred tax liability means unpaid debt that needs to be paid for in the future. Companies sometimes get tax liabilities from financial transactions that are not immediately charged to be paid for. This is what goes down the deferred tax list.
It is still a liability, that’s why it will still be paid for as it when the company pays taxes. Further delay in payment will result in piling up of the tax liabilities until it becomes a problem for the company. That’s why a major role of accountants is to make sure funds are available to pay all tax liabilities on strategically on the same year it was made, rather than pushing it up to the next financial year. One can never be sure of financial stability in the future, that’s why to ensure less burden for the next tax year, there must be no deferred tax liabilities as much as possible. Of course, in order to allocate enough funds for these liabilities, an accountant must be able to calculate the deferred tax liabilities in advance.
As any other financial matter, the computation of the deferred tax liability for a company is really complicated as there are different income sources to be taken into consideration, as well as depreciating asset values and tax deductions. You first need to find the actual taxable income for your company, and then afterwards calculate the total tax liability from this. The formula goes as: Taxable Income x Tax Rate =Total Tax Liability. Obviously, you also need to have a complete and updated federal tax rate for your company to be able to compute it.
As the term itself implies, as long as a tax remains unpaid, it is still a liability. Surely, you are aware that there should be more assets in a company than liabilities in order to run smoothly, and the more liabilities it has, the more problems you are likely to encounter on your operation. Remember that when these liabilities pile up and the business fails to pay all of it, legal problems and litigation will be a major problem for you in the future. You would not want it, would you? And no company would want to stop its operation because of debts and legal problems. That’s why you should never keep liabilities for too long, or it would haunt you.